1Q16 Analyst meeting May 2016

Disclaimer

2

This Investor Presentation has been prepared by Quality Houses Public Co., Ltd. (“QH”) for investors, solely for informational purposes.

The information contained herein has been prepared to assist prospective investors in making their own evaluation of the Company and does not purport to be all-inclusive or to contain all of the information a prospective or existing investor may desire. In all cases, interested parties should conduct their own investigation and analysis of the Company and the data set forth in this information. QH makes no representation or warranty as to the accuracy or completeness of this information and shall not have any liability for any representations (expressed or implied) regarding information contained in, or for any omissions from, this information or any other written or oral communications transmitted to the recipient in the course of its evaluation of the Company.

This Information includes certain statements and estimates provided by the Company with respect to the projected future performance of the Company. Such statements, estimates and projections reflect various assumptions by management concerning possible anticipated results, which assumptions may or may not be correct. No representations are made as to the accuracy of such statements, estimates or projections. Prospective investors will be expected to have conducted their own due diligence investigation regarding these and all other matters pertinent to investment in the Company.

This presentation may contain statements that are not historical facts, referred to as “forward looking statements.” The corporation’s actual future results may differ materially from those suggested by such statements, depending on various factors including those described in filings made with the SEC.

Company Profile

3

Company Quality Houses Public Company Limited

Address 1 South Sathorn Rd., Tung Mahamaek, Sathorn, Bangkok

Trade Date 11 September 1991

Industry/Sector Property & Construction/Property Development

Listed shares 10,714.38 Million shares

Par Value 1 Baht

Market Capitalization 24,214.50 Million Baht (May 4, 2016 @ 2.26 per share)

Dividend Policy Not exceeding 50% of its consolidated net income after deduction of all specified reserves

QH NAV

QH NAV per share (Baht) 4.13

Property Development Value 38,465

Market value of investment in associated companies (as of May 4, 2016) 29,982

Net Debt (24,192)

Total NAV 44,255

QH Market Capitalization (BT2.26 per share @ May 4, 2016) 24,214

Discount to NAV per share 45%

Number of QH shares 10,714

QH NAV per share (Baht) 4.13

As of Mar 2016

4

QH

Q. House Convent

Q. House Asoke

Q. House Sathon

QHPF

Q. House Ploenchit

Q. House Lumpini

Waveplace

Pri

ce: M

illio

n B

aht

QH

Centre Point Hotel Silom

QHHR

Centre Point Hotel Pratunam

Centre Point Hotel Sukhumvit 10

Centre Point Hotel Chidlom

Management Contract

Centre Point Sukhumvit-Thonglor

Centre Point Residence Phromphong

Mandarin Hotel Sam Yan by Centre Point

L&H Villa Sathon

>100

30-85

24-80

7-30

6-12

7-12

5-7

4-6

3-6

3-5

1.8-4 2-3

14-140

3-7

2-5

1.5-4

Detached House

Town Home

Condominium

Office Building

Hotel

High ended brand Mid ended brand Low ended brand

Property Development for Sale

Pre-Sale Pre-Built

Property Development for Rent

Brand & Business Model

5

<1

2-4

Condominium

2016F

Hi-end Mid-end Low-end

2016F

DH TH Condo

Revenue Classification

Growth with solid diversification by segment and product

6

Classify by Segmentation Classify by Product

2X,XXX 2X,XXX 20,147 19,214

55%

27%

18%

53%

20%

27%

25%

42%

33%

29%

41%

30%

20,147

30%

38%

32%

19,214

52%

24%

24%

5

2

4

1

1

1

3

2

1

5

1

1

Chiangmai

Chiangrai

Rayong

Petchaburi

Chonburi

Chachengsao

Prachuap Khiri Khan

Nakhon Prathom

DH TH Condo

5

2

1

3

2

6

1

4

1

1

1

Chiangmai

Chiangrai

Rayong

Petchaburi

Chonburi

Chachengsao

Prachuap Khiri Khan

Nakhon Prathom

High Mid Low

Select Industrial estates or tourist places in upcountry (27 projects = 17% of total remaining value)

Upcountry Development

7

2

1

10

2

2 1

8

2

1

10

2

2

1

8

By Segment

By Product

1

1

Proportion of total project launch

Project launch in 2015 & 2016

8

Project launch 2015 2016

No. of projects 21 14

Total value (bn Baht) 26 15

Proportion (%) of project launched each year

By Segmentation 2014 2015 2016

High 14% 42% 13%

Mid 46% 40% 45%

Low 40% 18% 42%

By Product Type

DH 26% 35% 35%

Townhouse 40% 14% 61%

Condo 34% 51% 4%

By Location

Bangkok 79% 87% 87%

Provinces 21% 13% 13%

2016 Key Performance Target

9 Note: * Including cash interim dividend of 0.07 per share and stock dividend ratio of 6:1 ** Dividend Policy

Key Performance 2013A 2014A 2015A 1Q16 2016F

Presales (Baht) 20.4 bn (+28%)

19.3 bn (-5%)

20.0 bn (+3%)

4.4 bn 8 -10% growth

Revenue Recognition (Baht) 18.5 bn (+55%)

20.1 bn (+9%)

19.2 bn (-4%)

4.9 bn 8 -10% growth

Backlog (Baht) 9.0 bn 8.0 bn 8.5 bn 7.8 bn n.a.

Equity Income from Associated Company (Baht)

0.94 bn 1.06 bn 1.23 bn 0.34 bn ~1.2 bn

Gross Profit Margin 32% 32.5% 31% 30% 31%

Land CAPEX (Baht) 2.8 bn 8 bn 5 bn 2 bn 4 bn

Construction CAPEX (Baht) 8.3 bn 10.5 bn 11.5 bn 3 bn 10 bn

Financial Highlight

Net Profit (Bt million) 3,307 3,329 3,106 744 n.a.

EPS (Bt) 0.36 0.36 0.29 0.07 n.a.

Interest Bearing Debt/Equity 1.18X 1.32X 1.24X 1.23X 1.0X

Dividend per share (Bt) 0.16 0.2552* 0.14 N.A. n.a.

Dividend payout ratio 44% 70% 48% N.A. Up to 50%**

0.2 0.2 0.10.3 0.5 1.0 1.1

6.8

8.47.3

7.36.7

3M16

-

2.0

4.0

6.0

8.0

10.0

12.0

8.1 9.3 10.9 10.2

2.8

2.9

4.1 5.2

1.1

6.8

8.2 4.3 4.6

0.4

-

5.0

10.0

15.0

20.0

25.0

3M16

DH TH Condo

Pre-Sales & Backlog

10

Pre-Sales: Billion baht Backlog: Billion Baht

19.3

16.5

20.4

7.2

8.9 8.0

1.6

0.2 0.2 0.2

20.0

8.5

4.4

7.8

1.12.0

3.0

1.7

Condo

DH+TH

Note: # Projects/Project Value

Conclusion of new projects launched

11

Condo

TH

DH

Total

2015

21 p/25,774 MB

10 p/9,148 MB

5 p/3,477 MB

6 p/13,149 MB

2016F

14 p/14,549 MB

4 p/5,067 MB

9,489

2,275

1,385

Low-End

Medium-End

Hi-End

9 p/8,900 MB 1,140

2,337

1 p/582 MB

1,312

2,925

830

1,228

7,116

804

3,667

5,233

582

New Projects in 2016

12

No. of Project Value Total

TYPE project (MB) (Units)

1 Vararom Chiangmai DH 1 1,312 290

2 The Trust Bangkok DH 1 830 224

Total projects to be launched in Q1 2 2,142 514

1 Casa Bangkok DH 1 950 153

2 Casa City Bangkok TH 2 1,562 469

Total projects to be launched in Q2 3 2,512 622

2 Gusto Bangkok TH 2 2,353 709

Total projects to be launched in Q3 2 2,353 709

1 Casa Bangkok DH 1 1,975 345

1 Casa City Bangkok TH 2 2,105 624

2 Gusto Bangkok TH 3 2,879 1,110

Total projects to be launched in Q4 6 6,959 2,079

13 13,967 3,924

Target Project Value Total

No launch (MB) (Units)

1 Q House Chiang Rai Condo 3Q16 582 348

582 348

14,549 4,272

Note: Casa Condo Bang Yai B (1,840 MB) postpone to 2017

TYPE

Total (1 Projects: High-rise)

Grand Total (14 projects: Low-rise&High-rise)

No Low-rise Projects Location

Total (13 Projects: Low-rise: DH = 4 projects, TH= 9 projects)

High-rise Projects Location

Land bank

13 Note: 1 ACRE = 1,000 Sq.W., 1 Sq.W = 4 Sq.M.

As of Mar 2016 No. of Areas

Projects ACRE Sq.W. Sq.M.

Low-rise Projects

QH 1 31 30,918 123,672 10%

Casa 3 99 98,903 395,612 33%

The Trust 6 75 74,990 299,958 25%

Gusto 1 16 15,832 63,328 5%

High-rise Projects

QH 1 0 386 1,544 0%

Casa 2 5 5,011 20,044 2%

The Trust 3 6 6,067 24,267 2%

17 232 232,106 928,426 76%

Low-rise Projects

QH 2 22 21,282 85,126 7%

Casa 2 35 35,077 140,308 12%

High-rise Projects

Casa 2 5 5,054 20,218 2%

The Trust 3 9 8,768 35,073 3%

The Point 1 2 1,864 7,456 1%

10 73 72,045 288,181 24%

27 305 304,152 1,216,606 100%

Areas

%

Total Land Bank in Provinces

Grand Total Bangkok&Provinces

Total Land Bank in Bangkok

Bangkok

Provinces

Undeveloped Land

Remaining Land Land for Projects Undeveloped Total

of Current Projects in 2016 Land Land bank

Total company's Land Bank (ACRE) Salable area 361 95 N/A. 456

Total company's Land Bank (Sq.Wah) Salable area 360,958 94,651 N/A. 455,609

Total company's Land Bank (ACRE) Gross area 892 179 304 1,374

Total company's Land Bank (Sq.Wah) Gross area 891,734 178,592 304,152 1,374,477

PROJECTS IN PIPELINE

14

# Projects/Remaining Value

Note 1. Remaining Value = Total Project Value – Accumulated Sales 2. For Pre-built, Accumulated Sales = Accumulated Transfer

Conclusion of projects in pipeline

15

As of Mar 2016

Products Pre-built Pre-sales Total

DH 47 projects/33,128 MB 47 projects/33,128 MB

TH 21 projects/7,889 MB 21 projects/7,889 MB

Condo 18 projects/19,032 MB 18 projects/19,032 MB

Total 68 projects/41,017 MB 18 projects/19,032 MB 86 projects/60,049 MB

Low-rise Projects

16

As of Mar 2016 No. of projects

Low-rise Unit Value (MB) Value (MB) %

Bangkok & Greater Bangkok

Detached Houses 35 7,420 60,870 27,505 45%

Q 1 12 1,362 459 34%

QH 2 206 7,103 3,381 48%

Prukpirom 1 84 3,069 1,855 60%

Laddarom 5 856 12,024 4,125 34%

Vararom 1 231 1,888 744 39%

CASA 20 4,625 30,294 14,762 49%

The Trust 5 1,406 5,131 2,179 42%

Townhouses 19 5,193 15,108 7,628 50%

CASA 7 2,121 6,833 4,323 63%

The Trust 4 887 2,231 1,060 48%

Gusto 8 2,185 6,044 2,245 37%

Total of Low-rise projects in BKK and greater BKK 54 12,613 75,979 35,134 46%

Provinces (Chiang Mai, Rayong, Petchaburi: Cha Am, Chonburi : Sriracha, Chachoengsao, Nakhon Prathom)

Detached Houses 12 1,878 8,990 5,623 63%

QH 1 37 378 268 71%

Laddarom 1 114 1,459 300 21%

Vararom 3 504 2,430 1,971 81%

CASA 6 957 3,856 2,398 62%

The Trust 1 266 867 685 79%

Townhouses 2 371 770 261 34%

CASA 1 151 329 67 20%

The Trust 1 220 441 194 44%

Total of Low-rise projects in provinces 14 2,249 9,760 5,883 60%

Total of Low-rise projects 68 14,862 85,738 41,017 48%

Available for salesProject

17

High-rise Projects

As of Mar 2016 No. of projects

High-rise Unit Value (MB) Value (MB) %

Bangkok & Greater Bangkok

Q 2 755 14,339 9,070 63%

CASA 1 847 1,648 614 37%

The Trust 2 2,760 5,745 3,308 58%

The Point 1 830 754 431 57%

Total of High-rise projects in BKK and greater BKK 6 5,192 22,486 13,423 60%

Provinces (Chiang Mai, Chiang Rai, Petchaburi: Cha Am, Chonburi : Sriracha, Nakhon Prathom)

Q 1 207 2,000 1,407 70%

QH 1 348 546 186 34%

CASA 4 699 1,466 789 54%

The Trust 5 2,804 5,087 2,755 54%

The Point 1 683 635 472 74%

Total of High-rise projects in provinces 12 4,741 9,734 5,610 58%

Total of High-rise projects 18 9,933 32,220 19,032 59%

Grand Total 86 24,795 117,958 60,049 51%

Project Available for sales

Projects completed in 2015

18

Period

Units Value (MB)

Low-rise 631 2,570

1 Casa Presto Ratchapruk-Chaengwattana Bangkok 1Q16 195 904

2 Casa Ville Ratchapruk Phraram 5 Bangkok 1Q16 133 854

3 Gusto Praram 2 Bangkok 1Q16 303 812

High-rise 660 847

1 The Trust Condo Central Pattaya Chonburi 1Q16 660 847

1,291 3,417

Accum. Transfer

(As of Mar 2016)

Total (3 Low-rise and 1 High-rise projects )

No Completed Projects Location

INVESTMENT & RENTAL BUSINESSES

19

Associated Companies

Note: 1) First Day Trade on 10 May 2011, with IPO price =1.40 baht/share 2) First Day Trade on 31 July 2012 with IPO price = 10.00 baht/share

20

Investments in Associates

(Unit: Million Baht)

Consolidated Consolidated Carrying amount

Registered % % Share of income (loss)Share of income (loss) based on Market Cap.

shares capital ShareholdingShareholding from investment from investment Cost Equity Method as at

Company Name (mil. Shares) 31-Mar-16 31-Dec-15 Diff 31-Mar-16 31-Mar-15 Diff 31-Mar-16 31-Mar-16 4-May-16

Home Product Center Plc. Trading 13,151 20% 20% 0.0% 173 147 26 760 3,753 21,427

LH Financial Group Plc.1) Investment

Holding in LH

Bank

13,639 21% 21% 0.0% 122 70 52 2,850 4,011 5,093

Quality Houses Property Fund Property Fund 797 26% 26% 0.0% 36 37 (1) 2,018 1,262 2,536

Quality Houses Hotel and

Residence Property Fund 2) Property Fund336 31% 31% 0.0% 14 13 1 1,053 382 926

345 267 77 6,680 9,408 29,982

Nature of

business

Hotel Business

As of Mar 2016

* H = Hotel, S = Service Apartment, A= Apartment

*

21

TypeNo. of

Floors

Gross

Area

(Sq.M.)

Rentable

Area

(Sq.M.)

No. of Units

1. Hotel belonging to QH

Centre Point Hotel Silom 4-3-20 Rai Leasehold H 27 26,000 13,933 214 84% 1,154 333 538

Total (1) 26,000 13,933 214 84% 1,154 333 538

2. Hotel leased from

QHHR

Centre Point Hotel Pratunam 1-2-25.4 Rai Rent H 28 25,390 13,009 266 86% 638 208 823

Centre Point Hotel Sukhumvit 10

- Main Tower 1-2-85.5 Rai Rent H 28 33,556 16,723 189 73%

- Garden Wing 1-2-85.5 Rai Rent H 5 3,709 2,372 45

Centre Point Hotel Chidlom 1-1-33.9 Rai Rent H 24 22,000 11,744 200 86% 918 521 610

Total (2) 84,655 43,848 700 80% 2,917 1,322 2,816

Total (1)+(2) 110,655 57,781 914 81% 6,867

3. Management Contract

Centre Point Sukhumvit-Thonglor 2-3-19 Rai S 11 24,723 13,875 156 90% 1,219

Centre Point Residence Phromphong 3-1-14 Rai A 24 42,150 24,396 76 94%

Mandarin Hotel Sam Yan by Centre Point 5-8-0 Rai  H 7 & 14  36,885 14,478 374 85%

L&H Villa 8-9-47 Rai

House for

rent - 18,882 13,742 37 93%

Total (3) 122,640 66,491 643 91% 2,761

Grand Total (1)+(2)+(3) 233,295 124,273 1,557 87%

Projects Land Area Owner

Average

Occupancy

Rate as of

Mar 16

Bldg. DetailsTotal

Investment

(MB)

Book

Value as

of Mar 16

(MB)

Appraisal

Value

(MB)

1,361 1,384592

Office Building for Rent

As of Mar 2016

22

Project Land Area Owner

1. QH Projects

Q. Houses convent 2-3-17 Rai QH-Leasehold 14 26,917 12,206 69% 357 55 246

Q. Houses Asoke 2-2-54 Rai QH-Leasehold 22 48,300 20,762 94% 666 156 704

Q. Houses Sathorn 2-3-56 Rai QH-Leasehold 19 27,000 13,970 100% 512 134 502

Total (1) 102,217 46,938 89% 1,535 345 1,452

2. QH Property Fund

Q. Houses Ploenchit 1-1-63 Rai QH-Freehold 18 22,520 10,855 100% 895 570 1,188

Q. Houses Lumpini - Office space 7-3-93.6 Rai QHPF-Leasehold 38 120,520 57,215 100%

- Ratail space 4 9,360 96%

Total - Lumpini 42 120,520 66,575 99%

Waveplace - Office space 2-3-99 Rai QHPF-Leasehold 15 45,671 19,012 99%

- Ratail space 5 5,857 96%

Total - Waveplace 20 45,671 24,869 98%

Total (2) 188,711 102,299 99% 895 570 1,188

Grand Total (1)+(2) 290,928 149,237 96% 2,430 914 2,640

Building Details Average

Occupancy

rate as of

Mar 16

Total

Investment

(MB)

Book

Value as

of Mar 16

(MB)

Appraisal

Value

(MB)No.of

Floors

Gross Area

(Sq.M.)

Rentable

Area

(Sq.M.)

FINANCIAL PERFORMANCE

23

Corporate Performance

Corporate Performance 2011-2016

24

9,849

13,077

19,699

21,220 20,358

5,212

7,609

3,936

10,581

15,211

20,942 22,437 21,788

5,598

8,019

4,244

274 254 186 226 304

82 92 59 853

2,450 3,307 3,329 3,106

744 1,303

559

1,553

3,648 4,305 4,363 4,127

984 1,691

756

-

5,000

10,000

15,000

20,000

25,000

Q1-16 Q4-15 Q1-15

MB

Sales&Rental Total Revenue Interest Exp. Net Profit After Tax EBITDA

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

22,000

24,000

Q1-16 Q4-15 Q1-15

7,637 8,640

11,926

14,725 14,582

3,880 4,511 3,255

3,345

6,552

5,427 4,632

1,025

2,805

389

331

347

359

366

385

93

95

94

704

746

863

700

759

214

198

198

639

802

943

1,060 1,233

345

368

267

85

1,184

140

--

-

-

-

98

149

160

158 197

41

42

41

MB

Others Extra Gain Income from investments Hotels Office buildings Condominium Land and houses

Revenue Structure

Revenue Structure 2011-2016

4,244 5,598

10,671

8,019

15,211

20,942

25

22,437 21,788

Statement of comprehensive income

26

FOR THE PERIOD ENDED

2016 and 2015 1Q16 4Q15 1Q15 QoQ YoY

(Unit : Thousand baht)

Revenues

Sales of land and houses 3,880,430 4,511,391 3,254,735 -14% 19%

Sales of residential condominium units 1,024,747 2,804,983 389,466 -63% 163%

Rental of units in office buildings and related service income 92,586 94,734 93,918 -2% -1%

Rental of units in residential buildings and related service income 214,482 198,281 197,584 8% 9%

Other income 385,858 409,811 308,047 -6% 25%

Share of income from investments 344,736 368,302 267,253 -6% 29%

Interest income 690 6,081 1,305 -89% -47%

Others 40,432 35,427 39,489 14% 2%

Total revenues 5,598,103 8,019,200 4,243,750 -30% 32%

Expenses

Cost of land and houses sold 2,727,051 3,180,364 2,206,217 -14% 24%

Cost of residential condominium sold 691,699 1,861,499 270,247 -63% 156%

Cost of rental and related services - office buildings 44,325 46,480 44,057 -5% 1%

Cost of rental and related services - residential buildings 145,566 136,175 138,518 7% 5%

Selling expenses 415,571 546,549 381,001 -24% 9%

Administrative expenses 628,287 597,365 486,217 5% 29%

Financial expenses 89,319 98,112 65,589 -9% 36%

Total expenses 4,741,818 6,466,545 3,591,846 -27% 32%

Income before corporate income tax 856,285 1,552,655 651,904 -45% 31%

Corporate income tax 111,873 249,421 92,615 -55% 21%

Net income for the period 744,412 1,303,234 559,289 -43% 33%

Basic earnings per share

Net income 0.07 0.12 0.05

% Change

Capital Structure

27

D/E RATIO AS OF Mar 31, 2016

(Unit : Million Baht)

Outstanding Loan as of Mar 31, 2016 27,393

Project Loan 0

Working Capital 3,293

Debenture 24,100

Other Liabilities - Rental income received in advance (Q.Houses Ploenchit) 562

Other Liabilities 4,224 4,786

Total Liabilities 32,178

Equity as of Mar 31, 2016 22,354

Net Interest Bearing D/E Ratio (Mar 31, 2016) 1.08

Interest Bearing D/E Ratio (Mar 31, 2016) 1.23

D/E Ratio (Mar 31, 2016) 1.44

Statement of Financial Position

28

Balance sheet

Consolidated financial statements 31 Mar 2016 31 Dec 2015 % Change

Assets

Current assets

Cash and cash equivalents 3,200,524 2,836,948 13%

Trade and other receivables 40,931 57,861 -29%

Land and construction in progress - net 28,763,071 29,098,195 -1%

Other current assets 1,039,579 1,035,789 0%

Total current assets 33,044,105 33,028,793 0%

Non-current assets

Investments in subsidiaries - -

Investments in associates 9,407,768 9,071,249 4%

Other long-term investments 33,929 33,883 0%

Investment properties-net 489,135 491,194 0%

Property, plant and equipment - net 562,484 575,824 -2%

Leasehold rights - net 663,511 685,555 -3%

Land and project development costs - net 9,702,140 8,177,557 19%

Other non-current assets 629,644 933,485 -33%

Total non-current assets 21,488,611 19,968,748 8%

Total assets 54,532,716 52,997,541 3%

Statement of Financial Position (Cont’)

29

Balance sheet (Cont')

Consolidated financial statements 31 Mar 2016 31 Dec 2015 % Change

Liabilities and shareholders' equity

Current liabilities

Short-term loans from financial institutions - 300,000 -100%

Short-term loans 3,292,798 1,597,932 106%

Trade accounts payable 1,358,716 1,352,149 0%

Current portion of unsecured debentures 6,112,000 6,912,000 -12%

Short-term provisions 402,926 380,123 6%

Other current liabilities 2,081,321 2,129,162 -2%

Total current liabilities 13,247,761 12,671,366 5%

Non-current liabilities

Long-term loans, net of current portion - -

Unsecured debentures, net of current portion 17,988,012 17,986,509 0%

Provision for long term employee benefits 113,182 109,579 3%

Long-term provisions 294,220 142,870 106%

Other non-current liabilities 535,209 542,005 -1%

Total non-current liabilities 18,930,623 18,780,964 1%

Total liabilities 32,178,384 31,452,330 2%

Shareholders' equity

Share capital

Share Capital-Registered

10,714,426,091 ordinary shares of Baht 1 each 10,714,426 10,714,426 0%

Share Capital-Issued and paid up

10,714,381,645 ordinary shares of Baht 1 each 10,714,382 10,714,382 0%

Share premium 379,246 379,246 0%

Retained earnings

Appropriated - statutory reserve 829,094 829,094 0%

Unappropriated 10,384,551 9,640,139 8%

Other components of shareholders' equity 47,059 (17,650)

Total shareholders' equity 22,354,332 21,545,211 4%

Total liabilities and shareholders' equity 54,532,716 52,997,541 3%

REVENUE TRACK RECORD

30

Q1/16 Q4/15 Q1/15

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

22,000

Condo

TH

DH

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

22,000

Q1/16 Q4/15 Q1/15

Low-end

Mid-end

Hi-end

Revenue Contribution

Classified by Segment Classified by Type of Product

20,147

29%

43%

28%

7,312

3,644

33%

28%

38%

29%

48%

20,147

57%

15%

28%

4,899 3,644

57%

21% 20%

26% 11%

63%

MB MB

4,899

18% 47%

35% 22%

42%

7,312

23%

39%

38%

11,962 11,962

50%

15%

35%

18,458

27%

31%

42%

18,458

53%

27%

20%

31

38% 24% 52%

24%

24%

19,206

30%

38%

32%

19,206

Q1/16 Q4/15 Q1/15

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Low-end

Mid-end

Hi-end

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Q1/16 Q4/15 Q1/15

Low-end

Mid-end

Hi-end

Revenue Contribution Low-rise & High-rise

Low-rise Product High-rise Product

14,720

4,507 3,874

5,427

1,025

389 26%

44%

30%

26%

47%

27%

27%

28%

46% 36%

35%

MB MB

20%

52%

28%

3,255

83%

2,805

8,617

3,345

26%

53%

21%

36%

18%

46%

35%

11,911

27%

29%

44%

6,547

99% 14%

30%

56%

32

28%

16%

14,574

23%

49%

28%

1,827

2%

48%

1%

50%

63% 2%

1%

PROPERTY FUND DATA

33

Quality Houses Leasehold Property Fund (QHPF)

34

7,863 Million Baht

797 Million units

9.8659 Baht

11.0502 Baht

9,883 Million Baht

12.40 Baht

90% of net profits

Quarterly

Market capitalization (May 4, 2016)

Fund size

Number of registered units

Par Value

Net Asset value per unit (Mar 31, 2016)

Market price per unit (May 4, 2016)

Dividend payout ratio

Dividend payout

As of Mar 31, 2016

No. Projects Assets Owner Transaction Details Remaining

Term of Lease

1 Q.House Lumpini Leasehold Land Centre Point Management - Leasehold of land transferred to QHPF 19 years 11 months

- Building sold to the QHPF

- Total transfer value 5,102 MB.

2 Q.House Ploenchit Quality Houses - Assigned 30-Years lease of land and 20 years 9 months

building to QHPF.

- Total transfer value 819 MB.

3 Waveplace Leasehold Land LH property Fund - Leasehold of land transferred to QHPF 14 years 8 months

- Building sold to the QHPF

- Total transfer value 1,772 MB.

Leasehold Land &

Building

Quality Houses Hotel and Residence Freehold and Leasehold Property Fund (QHHR)

35

3,360 Million Baht

336 Million units

10.00 Baht

12.3423 Baht

2,957 Million Baht

8.80 Baht

90% of net profits

two times per annum

Market capitalization (May 4, 2016)

Fund size

Number of registered units

Par Value

Net Asset value per unit (Mar 31, 2016)

Market price per unit (May 4, 2016)

Dividend payout ratio

Dividend payout

As of Mar 31, 2016

No. Projects Assets Owner Transaction Details

1 Centre Point Hotel Pratunam Freehold Quality Houses - Freehold of land transferred to QHHR

- Building sold to the QHHR

- Total transfer value 1,142 MB.

2 Centre Point Hotel Sukhumvit 10 Freehold Quality Houses - Freehold of land transferred to QHHR

- Building sold to the QHHR

- Total transfer value 1,470 MB.

3 Centre Point Hotel Chidlom Leasehold - Assigned 14-Years lease of land and

building to QHHR

- Total transfer value 730 MB.

The Crown Property Bureau

(the “CPB”)

INDUSTRY DATA

36

Housing Registration

Housing Registrations per Product Category

Source : Real Estate Information Center

37

29 32 32 32 31

34 33

8.7 8.7

1 2 1 1 3 3 2 0.4 0.6

11 14 14 14

27 21

22

4.4 5.5

54 60

35

78

71 75

64

24.6

10.1

95

107

82

125

132 133.5

121.5

38.2

24.9

-

20

40

60

80

100

120

140

160

Mar-16 Mar-15

'000 units

DH Duplex Town house+Commercial Condominium Total

GDP Growth & Average Household Data

Source: Office of the National Economic and Social Development Board Source: Real Estate Information Center

Annual % GDP Growth-Thailand Average Household Data-Thailand

38

-4%

-2%

0%

2%

4%

6%

8%

4.5% 5.0% 4.9%

2.6%

-2.3%

7.8%

0.1%

5.7%

2.9%

0.7%

2.7% 3.0%

17.9 18.4 19.0 19.6 20.1 20.6 21.1 21.7 22.2 22.8 23.5 24.1 24.7

3.53 3.36 3.28 3.21 3.14 3.08 3.00 2.95 2.88 2.82

2.76 2.70

2.23

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

12

14

16

18

20

22

24

26

Persons/householdMillion

No. of Household Avg. Household size

Interest Rates & Housing Affordability

Sources: Bank of Thailand

Minimum lending and mortgage rates Housing affordability at 14%&5.75% lending rates

0.3 0.6 0.9 1.3 1.6 1.9 2.2 2.5 2.8 3.1 3.4 3.8 4.1 4.4 4.7 5.0 5.3 5.6 5.9 6.3

0.6 1.1

1.7 2.2

2.8 3.3

3.9 4.4

5.0 5.5

6.1 6.6

7.2 7.8

8.3 8.9

9.4 10.0

10.5 11.1

0

2

4

6

8

10

12

10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200

Hossing price (MB)

Salary ('000 Bt)

14.00% 5.75%

Assumptions: 1. 20-year loan term. 2. Credit line equal to 90% of property’s sales price. 3. Loan installments equal to 35% of monthly salary.

39

7.50% 7.50%

5.75%5.75%6.00%

7.75%

6.88%7.25%

6.17% 6.25%

7.38%

7.08% 6.98% 6.90%6.65%6.40%7.00%

6.75%

4.25%

3.00%

4.00%

5.75%

5.75%

5.75%5.50%5.40%

6.25% 6.25% 6.00%

5.50%5.50%

5.50%

2%

3%

4%

5%

6%

7%

8%

9%

MLR Mortgage rate